Mitek and Signicat partner to improve digital customer on-boarding for financial institutions
June 2018 by Thomas VEIL
Mitek (NASDAQ:MITK) announced a partnership to improve the digital customer on-boarding process for Europe’s financial services companies, while helping clients in their efforts to comply with a number of regulations, including PSD2, AMLD5, and eIDAS.
For many European financial services companies, the battle to attract new customers is fierce. With new “challenger” banks emerging and smaller banks looking to capitalise on new technologies to provide a competitive advantage, every step of the customer acquisition process must be streamlined to achieve optimum success.
To compound this, new regulations throughout Europe are forcing institutions to more rigorously identify customers. In addition to AMLD5 and new KYC regulations, eIDAS opens the way for electronic identification and PSD2 places the focus on strong customer authentication. This multi-faceted focus on identity means that current on-boarding processes could become cumbersome and act as a deterrent to potential new customers.
Signicat has integrated Mitek’s Mobile Verify solution into the on-boarding engine within its Digital Identity Platform. This will enable financial institutions across Europe to verify identity documents though capture on a mobile device, and to seamlessly on-board customers.
Mitek’s Mobile Verify solution can verify the authenticity of identity documents by capturing an image with a mobile device and assessing its authenticity. This helps customers to ensure compliance with strict AML and KYC regulations.